Would there be a reason to cast a higher level version of a spell if there is no difference between it and it’s lower level version?
For instance:
Speak With Animals II seems to be the same as Speak With Animals I. There are other examples with other spells, but is there a reason to cast the different versions? Cost seems the same, effect seems the same…
Yes: If you're out of spell slots at the base level, but have higher level spell slots remaining.
It's also possible that upcasting makes your spell more resistant to an enemy's Counterspell, depending on how Larian implemented the mechanics. I believe this would follow 5e RAW, but I haven't tested it in this game.
Shield is the best and most common answer to this situation as it only ever adds 5 to AC, but if that 5 AC is the difference between your character going down then it's worth a 2nd or even 3rd lvl slot for an additional cast.